Short-term property finance specialist Mint Bridging has unveiled a product designed for those seeking loans for kerbside residential properties, as well as town and city locations.
The product will be available for loans up to the value of £400,000 until 30 April 2020, and requires no valuation.
The new product has a maximum loan-to-value ratio (LTV) of 50% and a competitive rate of 0.89%.
There is no exit fee for loans over £100,000; below this value, loans will include an exit fee of £1,500.
Sinead Moynihan, head of sales at Mint Bridging, said: “After carefully reviewing the marketplace, in light of COVID-19, we felt that there was a need for a product that met the unique demands of this crisis.
“The new product that we’ve brought to market allows people to adhere to the current stay home policy, as no valuation is needed, and all necessary legal work can be done remotely, e.g. via video conferencing.
“It provides a workable solution for those struggling to find funds, and we hope will allow many to continue to work and maintain business during this difficult time.
Nicholas Christofi, co-founder of SIRIUS Property Finance, added: “It’s great to see a company like Mint Bridging bringing a realistic and workable product offering to market, at a time when many are struggling to overcome the impact of COVID-19.
“We hope others will follow suit and look to offer viable solutions to maintain business during the lockdown and whilst current social distancing restrictions are in place.”